Sending Payments through Veem

Benefits of Local Currency Payout for the Receiver

Veem has become the leader in sending and receiving payments between global businesses. Our 40K customers have sent millions of dollars around the world, allowing businesses to eliminate costly middle-men and help streamline how payments are made internationally.

 

As a payment sender, you are providing many benefits to your receiver through Veem.

  Veem provides local currency payout at competitive exchange rates, often better than what you or your partner can receive through your bank.

  Veem’s global payment platform helps tie your payment with information that makes it easy to reconcile – relaying sender information, invoice, and payment timing/amounts together in one bundle.

For new receivers, we do offer settlement in USD abroad with the addition of a $20 fee incurred by the receiver (pricing effective 12/14/17). The receiver will also be responsible for receiving fees should they be charged by a bank.

Why the change?

Veem is a Global Payments Platform built to exchange currencies around the world with great rates and attentive service. Our network efficiency in delivering local currency allows us to offer rates that can be half of what most banks offer, making it easier to fold in your export receipts with the rest of your company operations.
Receiving money in USD bears a burden on all parties and is more costly to provide abroad. The minor $20 fee helps us recover costs should your partner still deem it necessary to receive your funds in USD.

Why change from USD payout?

Managing payments in a USD bank account abroad requires a lot more time and cost to manage. These costs will generally work their way back to you with higher costs on your payments according to in-country experts. In some countries, like China, USD accounts were set up for regulatory reasons that have since expired and become a needless, costly step in repatriating funds. Your receiver should look into more details. Here’s a link from HSBC with more information.

How good are Veem’s exchange rates?

Veem offers exchange rates that are often half of what banks typically offer their customers due to the efficiency in our network. Whenever an exchange is done by the sender or receiver, you’re likely saving thousands over time from what banks are offering today.

Questions?

If you have any questions, please feel free to reach out to your account manager, they will be happy to assist.